The fundamental objective of the fund is channelling long-term low interest fund to the micro, small, and medium enterprises through the participating financial institutions.
The Central Bank of Nigeria, CBN, said it has earmarked N2 billion for disbursement to Micro, Small, and Medium Enterprises, SMEs, operators in Nasarawa State.
The Branch Controller of the bank in Lafia, Usman Sule, disclosed this at a sensitisation workshop on Tuesday in Lafia.
He said N2 billion earmarked for the state was part of the N220 billion earmarked for disbursement to two million small and medium scale entrepreneurs in the country. He said the fundamental objective of the fund is channelling long-term low interest fund to the micro, small and medium enterprises through the participating financial institutions.
Mr. Sule said that the fund was expected to cover over two million micro, small and medium enterprises over a period of 10 years.
He said that 60 per cent of the fund was targeted at women entrepreneurs.
According to the branch controller, the state governments are closer to the people at the grassroots, hence the need to partner with them.
Earlier, Governor Umaru Al-Makura, who declared the workshop opened, said the workshop was organised in line with the transformation agenda of the present administration to reduce unemployment and restiveness in the state.
Mr. Al-Makura, who was represented by Asibi Umeri, the Permanent Secretary in the Ministry of Commerce and Industry, said government was determined to empower the citizens of the state, especially youths and women.
He commended the apex bank for the initiative, saying that it would bring about economic growth.
The governor urged participants to make use of the lessons learnt at the workshop to achieve the desired objective.
A participant at the workshop, Helen Agbo, said “Honestly, if they give me the money, I will be able to engage in fish farming because I am a farmer too.”
On August 16, 2013, the CBN launched the Micro, Small and Medium Enterprises Development Fund with a take-off capital of N220 billion.